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March 30, 2009

Real Time Reporting Solutions

By TMCnet Special Guest
Dan Boehm, Vice President � Sales and Marketing


Managing your business or department through key performance objectives is a challenge given the many different sources of information and metrics. The challenge is even greater when the metrics are diversified due to the different objectives being monitored. Therefore, each department executive needs to have a customized summary performance report based upon their own metrics.
 
The real time summary reports are gathered from different sources of data, consolidated, manipulated and sent on a regular basis to the varying stakeholders. This process is automated, were it not it would take manpower and time and often lead to delayed decision making. Many times given the complexity of gathering the data it would not be accomplished at all. In an Automated Real Time Reporting Solution environment corrective actions are made rather than reactive management of the department’s challenges.
 
Often data is collected from different data sources and manually combined to generate a single view of the department or corporate performance. The value of these views is understood, however, when pressed for time these reports are not always created, mistakes can be made, and decisions are delayed while waiting on an up to date performance report. 
 
An Automated Real Time Reporting Solution will address the challenges met by decision makers, managers and agents when determining their current performance level. With dashboards, the executive will be able to see performance statistics in real time at the time of their choosing. Department heads, managers and supervisors will be able to effectively manage the team’s performance by viewing group statistics and when available individual statistics. Agents are able to view their own scorecards and are now empowered to improve their performance in real time.  An Automated Real Time Reporting Solution helps any business achieve its business performance goals.
 
Financial Industry
 
An Automated Real Time Reporting Solution for the financial industry can have a positive effect on the Contact Center operations and the Marketing department.   
 
The ability to manage the contact center from a proactive view with business objectives and up-to-date performance measurements is the ideal position for a manager. An Automated Real Time Reporting Solution captures performance data from the various data sources and provides the means to put clarity to the data. The data can be automatically manipulated with predetermined formulas that meet and follow the business objectives for that department. The Real Time Reports for the stakeholders is clear, concise and timely allowing for accurate business decisions. 
 
Customers of the financial institutions have many choices today and therefore customer service and satisfaction are a paramount concern for the business. Waiting for a performance report on contact speed of answer and FCR maybe too late as potential clients have already abandoned the queue in favor of a more responsive organization. An Executive Vice President of one of the largest  Mutual Fund companies in the US commented “…if I wait for more than 10 seconds for a real time performance report it is now [a] historical [report] and is of little value to me”   
 
Performance reporting for this industry has included detailed information from the telephony applications, first call resolution reports, customer surveys, and CRM data. The purpose behind blending the data in these reports is to develop a view into the proper balance between getting through calls faster, providing a high level of customer satisfaction and being able to attain FCR. An Automated Real Time Performance Report displays the actual levels as well as the exceeded objective levels stated for that department as required by corporate. 
 
Key Performance Objectives that a Financial Executive is trying to achieve:
·         Customer Service and Responsiveness
·         Customer Loyalty
·         Customer Satisfaction (which leads to loyalty)
·         Customer Convenience
·         Reduction in Operating Costs
·         Increased Revenue
 

Increasingly important to a retail financial institution is the cross selling of services available to the customer. Research has shown that as the number of services the customer uses from the financial institution increases, the less likely that customer is to move their account. Additionally, those customers with more accounts tend to give a higher customer satisfaction rating. Building brand loyalty and higher customer satisfaction ratings is possible with the cross selling and up selling of existing services. This “selling” can be done silently and in an unobtrusive manner with Automated Real Time Product and Services updates to the retail customer. 
 
Some of the things that can be advertised to customers include:
·         Loans for Home, Auto and Home Equity
·         Mortgages
·         Checking and Savings accounts
·         CD’s
·         Safety Deposit Boxes
·         On line products and services
·         24 hour service
·         Lost or Stolen Cards
·         Identity protection
·         Hours of operation
·         On Line Account analytics
 


Businesses in this Industry include: Banks, Savings and Loans, Mutual Fund Companies, Brokerage firms, Investment Companies, and Capital Fund companies. 

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Edited by Jessica Kostek




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